Daily Gold News: March 7 – Gold Price Is Higher Once Again

Gold is trading at a new record high, slightly surpassing the early December top.

The gold futures contract gained 0.76% on Wednesday, March 6, as it extended its rally once again. The market reached a new record high above the $2,160 level. The market keeps reacting to economic data releases, weakening U.S. dollar, stock prices advances. On February 14, gold was the lowest since mid-December, after breaking below local lows from January on the CPI release. Since then, it gained over $150.

This morning gold is trading higher, and the new all-time high, as we can see on the daily chart (the chart includes today’s intraday data):

Daily Gold News: March 7 – Gold Price Is Higher Once Again - Image 1

The gold price is 0.3% higher, as it is trading above the $2,160 level. What about the other precious metals? Silver is 0.5% lower, platinum is 1.0% higher and palladium is 0.6% lower. So, the main precious metals’ prices are mixed this morning.

Yesterday’s JOLTS Job Openings release has been basically as expected at 8.86 million. Today, we will get the Unemployment Claims number and the ECB Rate Decision, among others. The markets are waiting for the second part of the Fed Chair Powell’s Testimony at 10:00 a.m.

Below you will find our Gold, Silver, and Mining Stocks economic news schedule for the next two trading days (EST Timezone).

Thursday, March 7

  • 7:30 a.m. U.S. - Challenger Job Cuts y/y
  • 8:15 a.m. Eurozone - Main Refinancing Rate, Monetary Policy Statement
  • 8:30 a.m. U.S. - Unemployment Claims, Revised Nonfarm Productivity q/q, Revised Unit Labor Costs q/q, Trade Balance
  • 8:45 a.m. Eurozone - ECB Press Conference
  • 10:00 a.m. U.S. - Fed Chair Powell Testimony
  • 11:30 a.m. U.S. - FOMC Member Mester Speech
  • 3:00 p.m. U.S. - Consumer Credit m/m

Friday, March 8

  • 7:00 a.m. U.S. - FOMC Member Williams Speech
  • 8:30 a.m. U.S. - Non-Farm Employment Change, Unemployment Rate, Average Hourly Earnings m/m
  • 8:30 a.m. Canada - Employment Change, Unemployment Rate
  • 8:30 p.m. China - CPI y/y, PPI y/y

Paul Rejczak
Stock Trading Strategist